THE ULTIMATE GUIDE TO

STARTUP METRICS
What to track, when and why
Table of
Contents

Introduction 3 Retention Metrics 29

Customer Retention Rate 29
Active Users 29
Metrics Matter 3 33
Churn Rate
What You Can Expect From This 4 Cohort Activity Heatmap 34
Guide Referral Metrics 37
How to Read This Guide 5 Net Promoter Score 37
Revenue Metrics 39
LTV 39
North Star 6 LTV : CAC Ratio
Revenue
39
41
MRR 41
Theory 6 MRR Growth 42
Application 8 Annual Contract Values (ACVs) 43
NSM in Practice 9 Average Revenue per User (ARPU) 44
Burn Rate 44
Runway 44

What to track when 10 Tips From Investment 45

Deep Tech 10 Managers & Startups
Fintech 13
Product-Founder Fit vs. Product- 45
Health & Consumer Tech 16
Market Fit
Industrial Tech 18
Kicking-off Data-Drivenness Early 47
Marketplaces & Network Effects 20
On
Don't Forget About Retention 50
Metrics Explained 23 Grow Sustainably 50
Track & Optimize KPIs 51
Acquisition Metrics 24 Know How to Tell Your Story
On-Page Events 24
52
Conversion Rate (CR) 24
Click-Through-Rate (CTR) 26 Conclusion 53
Virality Coefficient (K factor) 26
Activation Metrics 27 Our Quick Tips 54
Activation Rate 27
CAC 27 List of Resources 55
List of 58
Abbreviations
 Metrics
NOITCUDORTNI
Matter

“If you cannot

measure it, you
cannot improve it”
- Lord Kelvin

Over the last few years, a culture has

emerged which values growth above
everything else. This is especially true for
startups in the US. Fundamentals such as
a profitable business model and
achieving product-market fit have been
neglected. While the goal for many
startups is to present promising metrics
early on in their pitch deck, their reality
looks much different. After an initial
investment, most companies slow down
their growth efforts for a while. This is until
they have ramped up their teams and
improved their strategy as well as their
product and thus are able to expand
further (Shafranik, D., 2019).

Showing a path towards profitability, and

not a story of growth at all costs, becomes
crucial - especially after learning about
cases like WeWork (Schulze, E., 2019) or
the fitness company Peleton, although
less severe (Griffith, E., 2019). What is
important to show is especially how
revenue ultimately surpasses costs, rather
than making money straight away
(Schulze, E., 2019).

PAGE 3
INTRODUCTION

Initiatives like “Open Projects” from
Baremetrics have emerged which show
more than 800 SaaS benchmarks with live
data (Baremetrics, 2018). However, the
challenge is that startups try to create
something unique by definition and
cannot use the same metrics as a
measure of their success or progress
(Datarockets, 2019). Hence, there is no
blueprint for measuring success.
Summing up, a lot of uncertainty exists on
which metrics should be reached, the
corresponding benchmarks and the
definition of metrics. To shed some light
on the metrics maze, we at Speedinvest
Pirates created this qualitative guide.
What You Can
Expect From

Additionally, many different definitions of

metrics are used and the purpose and This Guide
reason why they are adapted vary greatly.
Ultimately, metrics are solely a tool which Speedinvest Pirates is part of
tell founders why some things are working Speedinvest, one of Europe's biggest
and others are not. This helps to early-stage venture capital funds, and
continuously improve product and supports startups growing their
business (Jordan, J. et al., 2015). companies in a sustainable way. With the
combined knowledge of marketing
Startups have a huge advantage enthusiasts, entrepreneurs and first-hand
compared to traditional companies: they insights from experienced investment
lack the legacy of a traditional marketing managers, this guide provides a
approach where many decisions are collection of the most important metrics
based on gut feeling, traditional industry for venture-backed startups.
behaviour or deep beliefs of senior
leadership. However, they often struggle
to capitalize on that because the “right
metrics” differ depending on the industry,
the stage and the business model of the
individual startup.

“A data-based decision making culture is the single

most important competitive edge of startups against
incumbents. But most startups are in love with their
product and rather work on a “Product founder fit”
than a “Product market fit”.

Dieter Rappold, Founder & CEO

PAGE 4
INTRODUCTION
You will find a set of important metrics for
each industry (pre-seed, health &
consumer tech, fintech, deep tech,
marketplaces, and industrial tech)
mapped to the different stages of early-
stage ventures. These metrics are then
explained in further detail.
We collected insights for the tips and
recommendations section through
profound desk research and interviewed
investment managers from Speedinvest
as well as three successful startups.
How To Read
This Guide
This guide is designed in a way that you
can look at the list of contents and identify
relevant chapters for yourself. Hence,
there is no need to read the entire guide!
You can simply look up your industry,
read the general intro section and then
look for the metrics mentioned for your
respective industry.
The guide starts with the definition of the
North Star Metric which is important for
every type of startup. This is followed by
an overview in which relevant metrics are
mapped to each stage and industry.
Additionally, you will find benchmark
ranges in the matrix which we assessed
via qualitative interviews with investment
managers from Speedinvest.
The metrics listed in the matrix are further
outlined and structured along the AARRR
funnel. This means that we will look at the
metrics in the order of a user journey:
Acquisition, Activation, Retention,
Revenue, Referral (AARRR). All these
chapters have the same structure and
consist of three parts. In the theoretical
part, we define the metric and give some
background knowledge. In the section
about application we look at the formula,
the process of how you can incorporate it
in your business and possible challenges
you should look out for when
implementing the respective metric. In the
third part, for some metrics we provide
actionable insights on how to work with
the underlying metric.
Finally, we gathered six recommendations
for improving the overall performance.
ENJOY THE
READ!
PAGE 5
RATS HTRON
Theory
How can you measure your overall
company’s success? Is it revenue,
number of employees, ARR, MRR, or
engagement? Truth is, it will be different
for each business and you need to find
your very own “one metric that matters”
aka your North Star (datarockets, 2019). A
good North Star reflects your product-
market fit (Vouillon, C., 2017). Jon
Butterfield (2019) highlights the
importance of deciding on a North Star
even before developing a product. By
deciding early on which metric is suitable
for your business, it is possible to focus
on optimized user flows and product
features (Butterfield, 2019).

“The North Star

Metric is the
single metric that
best captures the
core value that
your product
delivers to
customers.”
- Sean Ellis

Examples for North Star Metrics (NSM)

can be daily active users (DAU)
(Facebook), the number of questions
answered (Quora) or total time reading
(Medium) (datarockets, 2019). However,
focusing on one number only might result
in constraints on growth (Golden, J.,
2020).

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NORTH STAR

Hence, it is important to distinguish A powerful NSM has the ability to align

between input and output metrics in order
to find the right mix to monitor. While
output metrics reflect the results, the input
metrics indicate actions (Reforge).
Another proposition found in literature is to
distinguish between quantity, quality and
efficiency metrics.
In almost all cases, the North Star will be a
quantitative metric, however, others
should still be monitored as they will
contribute to overall growth. So, the
question is why not simply use revenue?
Simply put, the answer is that great
financial metrics always come from a
great product (Golden, J., 2020).
and gear your whole business to that
objective. That being said, the NSM is a
guide that lights the path forward but it
doesn’t mean there are no traps along the
way. An analogy might explain this in a
straightforward way: Imagine you are a
football coach. Looking only at the score
will not give you any insights into how to
win the game.
To get an understanding of whether or not
you are playing to win you need to see
how your team is performing in all
dimensions of the game.

DIFFERENT TYPES OF
METRICS

QUALITY QUANTITY EFFICIENCY

Resembles the service
quality, which is reflected
in satisfaction,
engagement or retention
metrics (e.g. Airbnb: NPS)
This measures the
usefulness to the user
and the revenue to the
business (e.g. Airbnb:
number of nights booked)
This is about achieving a
high return on the
investment made (e.g.
Airbnb: customer support
tickets per reservation)

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NORTH STAR
Application
The NSM can be either one or an
amalgamation of metrics, taking into
account many different aspects of your
business. Still, it should be easy to
understand, so your team can actively
work towards it in their daily business
(datarockets, 2019). Ideally, you choose a
set of output metrics that capture
retention, engagement, or monetization as
a first step (Reforge).
Map out the relationships and
interdependencies between your output
and input metrics. If you identify opposing
metrics find a way of how to achieve a
healthy balance (Reforge). Looking at the
example of LinkedIn below, it is clear that
they need to carefully balance the input
metric “no. of ad spots in the newsfeed”
as it increases their revenue (positive) but
can also have negative effects on their
users who are seeing more ads which can
reduce engagement (negative).
INPUT
e per user
Increas
Insert more
Ad Spots
into
Newsfeed
Decrea
se
Fig. 1: Amended from Reforge
Note that your output metric is your
overarching North Star which guides you
for a long time whereas the input metrics
are necessary to achieve this output but
they might change more often. That is why
it is crucial to build experiments for
assessing and optimizing your input
metrics (Reforge).
To get an understanding of whether or not
you are playing to win you need to see
how your team is performing in all
dimensions of the game.
Before implementing a north star metric
you should assess the following questions
to get started. Think about how your
product creates the most value for the
user. What exactly is driving the value?
Are there several factors that influence the
value? If yes, which factors can be
classified as output and which as input
metrics? Taking into account your output
and input metrics which reflect on the
maximum value for your users; how does
your growth equation look like?
OUTPUT
Ad
revenue
Engagement
PAGE 8
2
NORTH STAR

How can you ensure that everyone in your

company understands and implements NSM in
the NSM? Reassess your North Star every
once in a while especially when your
Practice
business priorities are changing
(datarockets, 2019). Your North Star is
also guiding your product development
efforts. Is a new feature not driving your “Really be spot on in being what it
North Star? Then chances are high that it is that defines success in my
should not be prioritized or your team business is something very often
should stop working on it entirely left out, or given too little
(datarockets, 2019). attention.“

Marie-Helene Ametsreiter
Lead Partner, Speedinvest

"When looking for a North Star

pre-launch, it is essential to talk to
customers to understand the true
value to them. Post-launch it is
important to be open to change in
order to find product-market fit."

Jon Butterfield
Founder, W23 Labs

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NEHW KCART OT TAHW
During qualitative interview sessions with
experienced investment managers from
the European VC company Speedinvest,
we gathered insights on the most
important metrics startups should look at
during pre-seed, seed and series A
stages. Due to the vast majority of
different types of businesses, customer
segments and of course depending on
the different stages the startups are in,
these insights serve as a starting point for
understanding the basics of a data-driven
approach.

Deep Tech
In Deep Tech, it makes sense to
distinguish between the types of
customers the company is selling to,
rather than clustering into deep tech or
non-deep tech startups.

Pre-Seed

During pre-seed and seed-stage, deep

tech founders should track and focus on
the number of proof of concepts (PoCs)
they were able to establish. Ideally these
are already paid PoCs where customers
pay about 10k/30k/50k. By the time the
startup is in the seed stage, 3 PoCs would
be ideal, but there should be a transition
towards paying customers. PoCs then
become part of the overall sales process.
During the seed stage, they lose
importance as the main KPI but are more
important in terms of keeping track of your
sales pipeline.

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WHAT TO TRACK WHEN

Other things startups targeting small and

medium businesses (SMB) should watch
during pre-seed and seed can be
anything that shows the level of interest
but usually this phase is not very metrics-
driven with one exception: if a startup
offers free open source products. Then
you will need to monitor GitHub to
understand how vibrant the ecosystem is:
How many people are contributing and
how many stars do they have? For
freemium approaches, you can look at the
number of downloads and signups.
Seed
Oftentimes enterprises are the primary
target group for deep tech startups.
Hence, an important metric to keep in
mind during seed and series A stage is
the annual contract volume (ACV) which
should be ideally around 100k. ACV will
gradually improve over time with higher
customer satisfaction after the second or
third year of a contract with a certain
client. The younger the company is, the
smaller the benchmark for ACV, of course.
Additionally, companies targeting SMBs
also need to be aware that their ACV will
be lower.
Series A
In series A, focusing and showing,
recurring revenue is key. What is
important here is to distinguish between
booked revenue (bookings) and annual
recurring revenue (ARR). For instance, in
2020 a customer pays €1M upfront for
the next 3 years, the booked revenue
equals €1M in 2020 but the ARR is
actually €1M divided by 3. By doing this
exercise of distinguishing between
bookings and revenue you can see the
actual amount of cash in the bank and
also get a valid picture of the revenue
made in the respective year. A good
benchmark for ARR in series A is usually
at €1M.
A second metric to monitor closely in
series A, and moving towards series B,
are customer acquisition costs (CAC),
especially when selling to SMBs.
Generally the CAC should be smaller than
the annual contract value (ACV) and for
the best companies it should be about
half the ACV.

"I might sell a product to a company for 50k a year

and it might be a 70k consultancy project. That is not
a 120k ARR customer that means it is a 50k ARR. (...)
Revenue scales. Services revenue does not scale."

Marcel van der Heijden

Lead Partner, Speedinvest PA
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WHAT TO TRACK WHEN
And lastly, conversions as well as churn
rates of cohorts need to be monitored
closely in series A for SMBs. A conversion
rate (CR) from free to paid of more than
5% is good. At the same time CAC needs
to be taken into account when looking at
CR: How much did you spend for
converting these customers?
Tab. 1: Amended from Marcel van der Heijden, 2020
Churn rate in particular also needs to be
tracked if you are selling to enterprise
businesses. So, for instance, if a large
number of customers who have been with
you for the last 2-3 years cancel their
contracts - well - that’s a bad sign. A
rough benchmark is 80% retention and
20% churn rate at this stage.
PAGE 12
WHAT TO TRACK WHEN
Fintech
Things to look out for when assessing the
fintech market are benchmarks, verticals,
and target customers. Benchmarks tend
to be less straightforward in fintech than in
other markets. When looking at the market
it can be segmented into verticals, i.e.
lending, banking and insurance. When it
comes to the different stages pre-seed,
seed, and series A, the lines are typically
blurred with some pre-seed rounds
ranging from 500k to 1.5M and seed
rounds of 1M to up to even 5M. On
another note it is important to see that it
takes a lot of time from a regulation and
billing perspective in the highly regulated
fintech industry. Many startups do not
manage to achieve metrics which are
usually expected at series A, so on
average slightly more money is needed to
get from seed to series A.
Beyond benchmarks and market
segmentations the fintech market differs
from an investor’s point of view also in
terms of round sizes. Companies are able
to raise about €1.5M in pre-seed.
Sometimes these round sizes can happen
even pre-launch if, for instance, it is a new
product for an untapped market. Whereas
for others, where there are already
established competitors, a beta product
or basic MVP needs to be there in order to
raise such rounds.
Pre-Seed
For B2C products the first level of
customer interest should be signaled in
order to show a proxy of early market
validation. This can be done with some
beta customers as well as customer
references, waiting lists, types of
customers, or their probability of
conversion. The probability of conversion
is only a proxy and is assessed by looking
at the users who onboarded to the
product and the other activities they
completed.
Having clear assumptions and
hypotheses about consumers in place is
also key in B2C. For instance, a mass-
market product around simplicity in
investing requires going through demos
and prototypes and understanding every
behavioral rationale behind the features.
For B2B products the core metric to keep
in mind are PoCs and it would be ideal to
have either one or two of them in place at
pre-seed. Especially enterprise sales is a
challenging field due to long sales cycles
and it requires a thorough understanding
of how the buying center works. Anthony
Danon, Associate Partner, at Speedinvest,
states that you then need to really show
the potential to do a land and expand
strategy. This means to show the ability to
expand a deal, for instance, with 30k ACV
rather quickly so it becomes a 150k ACV
deal in the distant future by
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WHAT TO TRACK WHEN

horizontal expansion or by upselling. This thought through go-to-market strategy

can be assessed through reference calls
with target industries to understand their
types of usage.
Additionally, having a clear plan in place
for approaching markets and a strategy
on how to further build the product is key.
What needs to be shown when it comes to
products in pre-seed in fintech are
scalability and privacy and if it can be
integrated easily into an existing workflow.
If not, enforcing a shift in attitudes, which
a banking user almost tends to have no
tolerance for, can be a true barrier. Also it
needs to be questioned whether they do
really understand the industry and how
they can integrate that into existing
workflows.
should be existent to show how to control
CACs at a moderate level. Ways how to
assess the uptake and customer love at
this point in time is to check engagement
metrics and NPS.
In the earlier stages there should also be
a focus on top of the funnel, that is
acquisition metrics, for instance CTR of
ads, website visitors, or impressions.
For the B2B side in the seed stage at least
one customer should have converted and
proven the in the pre-seed projected ACV.
Additionally, 2 -3 should be in the pipeline
with a clear approach on how to reach
customers and how to expand the feature
set.

For insurance and lending, the type of

Seed
The seed stage is usually where the
launch happens for fintech consumer
products. Usually, there should be a full
MVP. What is essential here is to show the
hook in the market of the product.
In addition to understanding the customer
base and some first customers, a well
customer is extremely important.
According to Anthony Danon, you're not
trying to grow customers, but you're trying
to grow profitable customers from the get-
go. For instance, a company which is
offering home insurance is targeting
people who are moving, people who just
bought a new house or newly engaged
couples. Their competitors are doing paid
acquisition via Instagram and target

"People don't find finance sexy. No one does. And so

you really need to find a painkiller hook (...) for me as
a consumer I don't care about a cool app, but I
deeply care about my finances.”

Anthony Danon
Associate Partner, Speedinvest
PA
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WHAT TO TRACK WHEN

students who churn after a year because

they leave their apartments again. Hence, "What we're seeing
in insurance the loss ratio is an important right now is that
metric to track, meaning how much of the monetization
total insurance premium gets claimed. becomes important,
as often early-
stage based
companies raise on
Series A the product and the
vision - however,
over time
For payment companies, they will need to monetization must
focus on increasing payment volume as follow."
they make money on a transaction - Chris Zemina
basis. Lending companies need to Principal, Speedinvest
carefully balance growth and risk. It is not
beneficial to give out as many loans as
possible but rather give out good credit.
This requires the calculation of non- In addition to these financial metrics you
performing loans (NPL) because in the need to know your CAC, LTV, and
end, it is the repayment rate
Tab.2: that from
Amended matters. CAC:LTV
Anthony Danon & Christopherat any 2020
Zemina, point in time. The rule of
Christopher Zemina, Principal at thumb of 3x LTV > CAC usually applies.
Speedinvest, states that, if an investor And if you work with assumptions for LTV,
only drives growth at a lending company, always make sure to paint a realistic
it could backfire at some point: For picture.
example, interest rates - A high interest
rate means that there can be higher NPLs.

Tab. 2: Amended from Anthony Danon & Christopher Zemina, 2020

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WHAT TO TRACK WHEN

Health & He states that this shows a company's

growth rate and can thus massively

Consumer Tech
Pre-Seed
Important indicators to be successful and
to be able to raise a pre-seed round are
two things: the team and the vision.
Seed
The focus of seed rounds is to achieve
actual revenue and top line growth rates
but also seed stage investors look at unit
economics. The growth rates depend on
the industry, marketplaces might need to
show LTV whereas B2B SaaS companies
might need to focus on MRR or in some
cases ARR. Associate Partner at
Speedinvest Markus Lang thinks the one
important step to consider is that one
actually wants to focus on recurring
revenue.
influence the decision making of
investors. Essentially, showing the history
of growth is important. A rule of thumb
would be that ideally over the first two
years you should grow 3X YoY and 2X
YoY for the following three years.
One important non-financial KPI to track
across stages is retention (DAU, WAU,
MAU). Annual subscriptions are a bit
more difficult to track and to plan. In this
case, according to Markus Lang, you
need to show that your users are not only
paying but also using the product. This is
especially important when it comes to
early stage deals in combination with
annual subscription packages as you can
not see renewal rates.
In these cases tracking user retention is
extremely important since users who
come back on a, for instance, daily basis
are more likely to renew their subscription.
Depending on the business different
retention cohorts need to be analyzed,
these can either be activity or payment
retention cohorts or basket sizes and their
development can be tracked.

"You need to show that your users are not only paying
but also using the product.”

Markus Lang
Associate Partner, Speedinvest

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WHAT TO TRACK WHEN

Over time the LTV:CAC ratio should

Series A SERIES A
become better but only few startups
manage to show a ratio of 5X. All in all it is
about showing the previous growth
A third category to look at are unit
trajectory and the potential for future
economics. LTV, CAC and LTV:CAC ratio
expansions. Depending on the industry in
need to be monitored carefully with the
seed stage, revenues can range
gold standard being 5x LTV >
somewhere between €10k to €30k or
CAC. Markus Lang states that 3X, 3.5X,
above. Investors focus primarily on unit
4X growth should be shown at an early
economics. The benchmark and standard
stage and are desirable.
here is to achieve €100,000 in MRR.

Tab. 3: Amended from Markus Lang, 2020

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WHAT TO TRACK WHEN

Industrial In a next step ACVs should be monitored

closely. Meaning what are the ACVs, how

Tech
The deep tech industry is characterized
by its diverse businesses. You’ll find deep
tech companies which require a high
amount of consulting and onboarding but
also companies which resemble B2B
SaaS.
Pre-Seed
Pilot customers should be the main focus
for deep tech alike companies in the pre-
seed phase and the customer feedback is
important to further build the technology.
Seed
are the contracts structured and who are
the buyers. Additionally, sales cycles are
important in the late seed stage from an
investors perspective to assess the
viability of a business. It is important to
have the facts at hand of how long it takes
to get from the initial point of contact to
the stage of converting the lead and
finally to deployment. In the end, you
need to be able to answer the question of
effectiveness of the sales cycle.
Sales cycles are
important in the
late seed stage
from an investors
perspective to
assess the
viability of a
business.

In this phase, it is important to look at the
conversion of pilots to paying customers.
There should be about 10 - 20 PoCs in the
seed stage, which of course varies
depending on the industry. Ideal would be
at least one conversion.
For B2B SaaS businesses selling to SMBs
it is crucial to track CAC and conversion
rates of different channels, whereas for
companies selling to large enterprises
ACV is much more important to monitor.

"Ask yourself: Is the effort of the investment during the

sales cycle worth the revenue that you can generate
with it?"

Marie-Helene Ametsreiter
Lead Partner, Speedinvest
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WHAT TO TRACK WHEN

Series A

Before a series A round is raised the

conversion from PoC to a regular
customer needs to be proven. Retention
and therefore scalability are important
factors in this stage.

Tab. 4: Amended from Marie-Helene Ametsreiter, 2020

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WHAT TO TRACK WHEN
Marketplaces
& Network
Effects
The critical factor to keep in mind about
marketplaces is the chicken-and-egg
problem and how to build up the demand
and supply side simultaneously.
Pre-Seed
Usually the start lies in building up the
supply side, sometimes also with the
demand side. When starting with the
supply side, the outreach to different
suppliers needs to be monitored by
tracking the number of signups to the
marketplace and the conversion from
signup to user. A user can be defined as
someone who has created a profile and
performs key actions on a regular basis.
In this stage it is mostly about how users
can be acquired on both sides of the
marketplace.
Seed
Depending on the marketplace different
KPIs need to be tracked. For some daily
usage is key whereas others are used on
a monthly basis. Additionally, share of
wallet should be tracked which is a great
indicator to show if the marketplace is
working.
Another aspect special to marketplaces is
liquidity, which means whether or not both
sides are sufficiently catered. Looking at it
from the demand side for instance, this
means that a high amount of customer
requests need to be fulfilled in order to be
a successful marketplace. Across seed
and series A cohorts need to be
monitored closely. It can be distinguished
between user, order and revenue cohorts.
It is easier to monitor the percentage
changes versus month zero than the
absolute numbers which are interesting in
context of revenue only. Another
interesting aspect to look out for are
power user cohorts, that is core users.
NPS tracking should be activated as well.
Virality needs careful monitoring too, and
the virality coefficient should be greater
than 0.25. To sum it up, seed is all about
fostering engagement.
Series A
Critical in series A are still user
engagement figures but also unit
economics and gross margins in order to
show how the venture can become a
healthy business. The standard and ideal
case for LTV vs CAC is 3X. Usually, a cut
off after two to three years is taken for
lifetime value. Everything beyond this
timeframe is hard to predict.
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MARKETPLACE
SPECIFIC METRICS
Due to the special nature of marketplaces, a number of KPIs and factors should be
monitored across different stages. The marketplace team of Speedinvest published a
dedicated marketplace scorecard which is an in-depth resource on marketplace
specific metrics (Specht, P., 2018). Here are a few of them to keep in mind:

BUYER-SELLER RATIO
Are both demand and supply side satisfied? The buyer-seller ratio
signals whether there are more buyers or sellers. Lacking traction
on one side is dangerous to the marketplace.

SHARE OF WALLET
You are looking at buying frequency, order volume, average
spending volume per month, and spending on the underlying
marketplace. The higher this figure, the better for the marketplace.
It signals how important your marketplace is and helps to come up
with price points.

MULTI-TENANTING
On how many other platforms is your supply side active? The lower
this ratio, the better for your marketplace. It can be hard to get to
this figure but a proxy can be established by taking samples and
researching other marketplaces and their supply side.

PAGE 21
WHAT TO TRACK WHEN

Tab. 5: Amended from Philip Specht, 2020

PAGE 22
 Know Your
DENIALPXE SCIRTEM
Metrics
By Heart
There is an
abundant set of
metrics which you
could potentially
look at.

You decided to look at your metrics and

to measure what you are doing?
Congratulations on your first step towards
a data-driven way of working! However,
as you might have noticed already there
is an abundant set of metrics which you
can potentially look at and it is extremely
difficult to keep track of what to look at
and at which stage you should consider
which metrics. In the following chapter,
you will find a systematic overview of the
most important metrics clustered
according to the AARRR funnel.

In the chapter about acquisition, you will

find metrics that are all about growth and
centered on the question of how
customers actually find you. Moving on to
the next step in the funnel in the activation
chapter you will find metrics about user
experience. The chapter retention is all
about whether or not users come back. In
the section about referral metrics, we will
look at how likely your users are to tell
others about you and the revenue chapter
includes metrics about monetizing your
ideas.

PAGE 23
METRICS EXPLAINED
Acquisition
Metrics
In this section, we will look at the pace in
which a business is growing.
On-Page Events
Theory
Signups, downloads, page views and
sessions are good examples for on-page
metrics and a great starting point to
assess the interest in your product
(Datarockets, 2019). You are able to learn
how customers found your website and
what they are looking for (Dopson, E.,
2020). Additionally, in your acquisition
metrics, you should be measuring
signups if you are offering a subscription-
based product. You can track total
signups, signups by app and signups by
referrer (Egan, J.).
Application
Measure and track these metrics in
your Google Analytics account or in a
Google Data Studio dashboard
(Datarockets, 2019).
Most businesses will use a wrong because in the end, CR signals
combination of different channels
which ultimately leads to the fact that
different metrics need to be tracked.
In a first step, focus only on 3 core
channels and test whether or not they
are working for your user acquisition.
Consider the following activities to grow
your traffic:
SEO and keyword optimization, try
to syndicate content with partners
Break blog content in smaller
pieces and repurpose content
(publish consistently)
Launch paid search/social
campaigns and re-marketing
campaigns
(SaaSPLG.com, 2020)
Practice
For freemium approaches you can look at
the number of downloads and signups.
Conversion Rate
Theory
The Conversion Rate (CVR) is the
percentage of visitors or users who
perform a certain desired action. This can
be essentially anything, starting from
visitors to paying customers or any other
KPI you would like to track. This ultimately
shows you how engaging your content is
to users. Imagine no user would perform a
single action - something would be terribly
your product-market fit (PMF) (Dopson, E.,
2020). Usually, you would set up a
conversion funnel that consists of a
sequence of CRs and ultimately leads to
the purchase of a product (Datarockets,
2019).
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When doing this, it is important to
distinguish between different flows and
look at the conversion funnel for new user
acquisition, retention, and resurrection
(Egan, J.).
A different approach is to sort converters
and non-converters according to the
source which tells you where to allocate
your conversion rate optimization efforts
(Dopson, E., 2020).
Andrew Chen supports the same
approach suggesting to look out for
engaged/ active users who are ultimately
converting to paid users and determine
where they come from in order to double
down on this specific channel to optimize
conversion (Chen, A.).
Application
Define the relevant conversion and set up
a conversion funnel (Datarockets, 2019):
This can be easily done by setting up
goals in Google Analytics (Dopson, E.,
2020)
Visitors who
take actions
CR= x100
All Visitors
Practice
The average website CR should be about
1.95% (the best ones show a CR of
4.77%) (Dopson, E., 2020).
CR from free to paid users of more than
5% is good for deep tech companies
selling to SMBs. At the same time, CAC
needs to be taken into account when
looking at your CR: How much did you
spend for converting these customers?
For B2C companies in the fintech area the
CR is crucial from day zero. In the pre-
seed phase, the probability of conversion
is assessed by looking at the users who
onboarded to the product and other
activities they completed, such as the
identification verification which is an
important barrier to pass.
In the industry, field conversions play an
important role at the seed stage. It is
important to look at the conversion of
pilots to paying customers. Ideally, there
would be about 10 - 20 PoCs in the seed
stage, which of course varies depending
on the industry. Ideal would be at least
one conversion. B2B SaaS companies
need to track their CR for the different
sales channels respectively.
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METRICS EXPLAINED

have a viral coefficient of 0.5 it shows that

Click-Through-Rate for every 10 new users acquired you are
getting 5 on top of that. The higher the
Theory virality coefficient, the lower your CAC will
A Click-Through-Rate (CTR) shows the be (Datarockets, 2019).
ratio of clicks in comparison to the total
impressions. It is often used for measuring Application
the performance of ads and therefore, it is
important to any business which heavily
relies on paid ads as an acquisition
channel (Datarockets, 2019). Invitation
K-Factor = sent per
Application user * CR

Practice
Clicks The benchmark ranges between 0.25 and
CTR =
Impressions 0.5, which is enough to amplify other
channels (Chen, A.). Virality is achieved
once the k-factor is > 1.0 (Datarockets,
2019).
Practice
In the earlier stages of seed there should
BENCHMARK
be a focus on top of the funnel, e.g.

0.25
acquisition metrics, for instance CTR of
ads, website visitors or impressions for
fintech startups.

Virality Coefficient

Theory A virality coefficient should at least be

This number measures the organic growth 0.25.
of your business and shows how many
new users are generated by a current
user who is endorsing your product. If you

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Activation
Metrics
Activation metrics indicate the value of
your product and how willing customers
are to use and ultimately pay for it.
Activation Rate
Theory
This metric shows you at which rate you
convert acquired customers to active
customers. An event for becoming an
active customer could be the first
purchase. When defining your activation
event keep in mind to show actual figures.
Using signups as an activation event
might look good on paper but does not
reflect on the actual usage and
engagement with your product
(Datarockets, 2019).
There is a certain bare minimum a user
has to do in order to use your product
which is defined as activation. Of course,
this number should be as high as
possible. Additionally, it also makes sense
to measure the time to activate which
tracks how long it takes a user to
complete the activation process
(SaaSPLG.com, 2020).
Application
Activation Rate = the % of your customers
that reach activation
There are cases in the pre-seed phase
where it makes sense to track user growth
and where the trafficTotal
is coming from and
to further look at the split Accounts
Activated of organic and
AR =
paid user acquisition such as freemium
Total
apps. Accounts Created
BENCHMARK
25%
Out of all customers a min of 25% should
be active (which validates TAM)
Customer Acquisition Costs
Theory
This is the cost of convincing a potential
customer to buy your product (Neilpatel).
CAC must account for all costs for user
acquisition (e.g. discounts). However, it
has to be distinguished between
organically acquired users and users
acquired via paid marketing in order to
evaluate the viability of the startup. While
blended CAC takes into account both
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METRICS EXPLAINED
types of users, paid CAC makes an
important distinction and only measures
users acquired via paid channels (Jordan,
J. et al., 2015). While CAC is certainly
important to B2C companies, B2B
companies shall not underestimate it
(Dopson, E., 2020). B2B marketers need
to take into account, besides their basic
marketing and sales expenses, their
“time-costs” for acquiring customers
(Dopson, E., 2020). For companies with
network effects, where value is added
with an increased number of users, the
conversion of organic users which shows
a low CAC is crucial. Theoretically, CAC
should decline over a period of time (Jin,
L., Coolican, D., 2018).
Application
Start by analyzing your overall + your
CAC for the individual customer segments
(Skok, D., 2019).
(Σ Sales &
Marketing
Blended Expenses)
= $400 to $5,000 per acquired customer or
CAC No. of New
Customers
Added
If you are still at an early stage only take a
portion of your sales and marketing
expenses which reflect a realistic ratio
when you are at scale, otherwise your
CAC would be too high (Skok, D., 2019).
Practice
CAC should not be blended and it should
be split into paid and organic customers
separated by channel. If one channel
does not work a certain time, don’t
abandon it right away. Channels are
subjective to demand. If everyone is
advertising on Facebook this will likely
result in a higher CAC due to increased
demand. Go back and revisit channels
from time to time, they are cyclical (Yin,
2020).
(Σ Sales &
Marketing
Paid expenses)
=
CAC No. of new
Customers Added
via paid marketing
Successful SaaS companies spend 20-
30% of their LTV on customer acquisition
(blended) (Lemkin, J., on Quora, 2020).
But defining average benchmarks for
CAC is hard as it can vary greatly, from
even up to $100,000 for certain sales
teams.
For deep tech companies Marcel van der
Heijden states that the CAC should be
smaller than your annual contract value
and for the best companies it's about half.
For B2B SaaS industries it is crucial to
track CAC Paidand conversion rates of
CAC =
different channels.
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METRICS EXPLAINED
Retention
Metrics
Retention metrics give an indication of the
quality of growth.
Customer Retention Rate
Theory
Indicated as percentage, this metric
shows how many users retain after their
initial engagement with the product
(Datarockets, 2019). A useful concept to
keep in mind are cohorts. Cohorts are
simply groups of customers who, for
instance, signed up for your product in
the same month (Skok, D., 2019). When
looking at companies with network effects
- meaning the more user the higher the
value - the newer cohorts which joined
recently and are benefitting from a large
network should show a better retention
rate than older cohorts. However, what
can be seen in practice is that these older
cohorts often show a better retention rate
because they are early adopters and
hence, highly motivated users and thus
stick around longer (Jin, L., Coolican, D.,
2018).
Application
For the customer retention rate (CRR),
subtract from the number of customers
you have at the end of the given time
period (E), the number of newly acquired
customers (N). Divide this number by the
number of customers you had at the start
of the period (S) (Datarockets, 2019).
(E-N)
CRR = *100
S
Practice
Retention rates can be measured in terms
of activity levels or also payment retention
cohorts.
Active Users
Theory
You can look at your daily active users
(DAU), weekly active users (WAU) or
monthly active users (MAU). In order to
find your “best” users, you can segment
them based on demographics or
behavioral data. A good way to
understand user behavior is to further dive
into the behavioral segmentation and
look at the so-called power users. It
shows you particular core actions that
were performed in any given time frame.
Especially businesses with network
effects should see an increase of core
actions performed as the company
matures and more cohorts join. This
means that users get a higher utility due
to a higher overall number of users (Jin,
L., Coolican, D., 2018).
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The principles of product-led growth
suggest the same theory, an active user
should be defined as someone who is
performing a key action (SaaSPLG.com,
2020).
DAILY ACTIVE USERS
(DAU)
This metric shows you how many unique
users engage with your product on a daily
basis (Datarockets, 2019). However, it
does not reflect on the quality of the users
nor on their retention. A spike in DAU
could happen for instance only due to a
customer acquisition campaign and not
because suddenly people start to love
your product. Thus it is important to
measure core daily actives. It gives you
more insights on the quality of the users
by counting people who used the product
on a regular basis. Calculating Core Daily
Actives is easy: simply look at the users
statistics on a given day and calculate
how many of those have used your
product in the weeks before (Egan, J.).
Depending on the product it makes sense
to track different types of active users.
You can find the two most common ones
below.
MONTHLY ACTIVE USERS
(MAU)
This metric shows how many unique users
engage with your product on a monthly
basis (Datarockets, 2019). There are
different ways to interpret MAU. You can
monitor MAUs by app, gender or country
(Egan, J.). Another useful subcategory of
this metric is MAU Accounting. It helps
you to identify the factors which are
contributing to your monthly user growth.
Look at the following 4 splits to identify
where your user growth comes from:
Signups
Resurrection
Existing User Churn
New User Churn
(Egan, J.)
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METRICS EXPLAINED
When splitting up the user growth in these
four categories it is important to track the
total number of users over time to identify
outbreaks and unusual activities. In the
graph below you can see that all four
metrics increased over time. Under MAU
Accounting Trend the relationships
between the different metrics are shown
and certain activities become apparent. In
this case there is a spike in existing user
Fig. 2: Egan, J.
A more detailed view was established by
Andrew Chen who used the Growth
Accounting Framework to explain how to
predict the future and whether or not your
company is likely to grow in terms of
MAU. Therefore, he uses two loops to
improve the total number of MAU: the
activation loop consisting of new and
reactivated users minus users who go
inactive and the engagement loop of
current users. The new and reactivated
user acquisition is quite difficult to scale
churn, a decrease in resurrection as well
as a stark increase in sign ups.
Comparing these trends with the date of
your marketing activities or product
updates help you identify possible
catalysts for these events. Once the
reasons for sudden spikes or drops are
identified it should be acted upon to
further increase growth (Egan, J.).
and could only be reached with tools like
viral loops. These loops illustrate leading
indicators that are needed to understand
your overall quality of growth and lets you
do solid forecasts (Chen, A.).
Firstly, in the acquisition loop, the key
question to answer is how existing cohorts
can lead to new users. This concept is
built in the fundamentals of the product.
For instance, user-generated content on
Wikipedia adds value and fuels the
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METRICS EXPLAINED
acquisition of new users which in turn
generates more value and so on and so
forth. When this type of growth is
achieved and new users lead to the
acquisition of more new users other linear
non-scalable channels can be factored in
(e.g. PR, content marketing). These
channels do not fuel growth but rather
drive the initial traffic into the acquisition
loop (Chen, A.).
Secondly, the engagement loop needs to
be factored in. Basically, you model how
an engaged user leads to other engaged
users. Ways to achieve this are either via
social feedback (e.g. a user contacts
another user on LinkedIn, who in turn
does the same) or via personalized
content (e.g. Netflix) (Chen, A.).
GROWTH ACCOUNTING
FRAMEWORK
+ New + Reactivated 5,000
- Inactive 1,000
= Net MAU 4,000
+ Engaged 10,000
= MAU 14,000
Tab.6.: Amended from Chen, A.
Application
Pay special attention to the definition
of active users which may vary from
business to business. For instance,
you can choose to define active users
as users who open the app once per
day/week/month or as users who
made a purchase conversion, for
instance (Datarockets, 2019).
TRACK THESE RATIOS TO
SEE HOW ENGAGED YOUR
USERS ARE
DAU to MAU
WAU to MAU
DAU to WAU
Strong activation rates are necessary
for scaling the service and to achieve
sustainable growth. That being said, it
is important to split the different
segments in order to understand the
characteristics of the best and worst
performing segments (Egan, J.).
Practice
MAU is often used for marketplaces and
subscription-based businesses whereas
DAU is often used for ad-based
businesses since their daily usage is
heavily influencing their revenue stream
(Datarockets, 2019). A good benchmark
for DAU/ MAU is > 50% since this signals
that the product is part of a daily habit
(Chen, A.)
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METRICS EXPLAINED

your existing customers (Skok, D., 2019).

Churn Rate Finally, it is essential to find out why
customers churn in order to tackle the
issue which causes them to leave (Law,
Theory
2016).
The churn rate indicates the percentage
of active users who stopped using your
Application
product (Datarockets, 2019). Over time,
you want to minimize this number as
much as possible. The solution for this is
to achieve a negative churn which Churned
happens when the expansion revenue Customer Customers
*100
from existing customers exceeds the lost Churn = Total
revenue from churning customers (Skok, Customers
D., 2019). You can do this by
implementing a variable pricing scheme
that lets the user expand the usage of the
product and hence pay you more. A
second option would be to up or cross- Churned
MRR MRR
sell them to other products. Look at the
Churn = *100
two graphs below which illustrate the Previous
Months MRR
principle of negative churn nicely. On the
left side, you see the case of a monthly
moderate churn rate whereas on the right Start by analyzing your overall and
side you see what happens when a few your churn for the individual customer
people churn but you manage to segments for both customer and MRR
substantially increase the revenue from churn (Skok, D., 2019).

Fig. 3: Skok, D.

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A useful tool for analyzing churn is
cohort analysis. A cohort is simply a
fancy term for a group of customers
who signed up for your product in the
same month, for instance. This helps
you to see how early customers churn
or if the churn rate stabilizes after a
while. In order to minimize churn, you
can make improvements to your
product. How do you know if it
helped? Simply look at the cohorts
after you implemented the changes
and see if you have been successful.
When conducting an in-depth analysis
of your churn rate look into revenue
AND customer churn! If you have a
churn rate of 10% it could be that 9
small and 1 big client left but you can
also have the same churn rate of 10%
with 9 big clients and one small one
leaving you. This would have a
completely different impact. To sum it
up, monitor the percentage of the
retained cohorts over time as well as
the percentage of MRR retained over
time (Skok, D., 2019).
Reasons which cause a high churn
rate could be that you are not meeting
your customers’ expectations, your
product does not offer enough value
for the user to stick around and pay,
your customers did not fully adopt the
product and are not using key sticky
features or the problem of who you
are selling to, for instance, small
SMBs who are going out of business
and hence churn (Skok, D., 2019).
If churn is your problem there is only
one way forward: go out in the field
and talk to your customers to
understand the underlying problem. If
you are unable to fix churn you are
solely filling a leaking bucket (Skok,
D., 2019).
Practice
Churn rate in particular also needs to be
tracked if you are selling to enterprise
businesses. If a large number of
customers who have been with you for the
last 2-3 years cancel their contracts, that’s
a bad sign.
BENCHMARK
80% 20%
Retention Rate
Churn Rate
Cohort Activity Heatmap
Theory
the cohort activity heatmap is building
upon a cohort analysis. As already stated
in the name of the metric it shows the
activity levels of your cohorts (Egan, J.). It
differs from the usual cohort analysis in a
way that shows real-time behavior instead
of reactive data on your customer churn.
This means that you are able to see when
your user engagement drops before they
churn and you can take immediate
actions.
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METRICS EXPLAINED

Application go back and observe cohorts which

In order to build a cohort analysis you will are retained. Did they engage with
need to include the following variables these core features? Then you have
into your matrix: been on the right track (Skok, D.,
X-axis: number of days passed and 2019).
new cohorts
Columns: cohort joined on that day Specific actionable insights can be
Width of column: number of users in derived from this heatmap when you look
cohort into times where your users have been
Y-axis: number of days passed and active for a longer period of time in
cohort activity level comparison to where users have been
Colour: Activity level of cohort inactive shortly after signup. Afterward,
In order to determine the activity level you can check whether certain changes
of your cohort you can implement a might have influenced this behavior, e.g.
customer engagement score and change in product, different user
score users who perform certain key acquisition campaigns, etc. Another thing
actions higher than others. For to look into is when your cohort sizes have
instance, people who are posting a been particularly large and compare it to
photo on Facebook are more past acquisition campaigns.
engaged and less likely to churn than
people who log in and view one page. Finally, it is all about identifying cohorts
Allocate more points to the features which stick for a long period of time and
you think are the “stickiest” (Skok, D., are frequent users. Test different
2019). campaigns and product alterations to find
In a second iteration, you can prove out which activities attract highly valuable
your definition of sticky features if you cohorts.

Cohort Activity Heatmap

1 trohoC
2 trohoC
3 trohoC

High user activity

Medium user activity
Low user activity
emit revo level ytivitca trohoC

New cohorts over time

Fig. 4: Egan, J.
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METRICS EXPLAINED

Practice The use of the activity heatmap is not

Ideally the cohort flattens and >20% of the
cohort stick with your product for a long
period of time.
Tracking user retention is extremely
important since users who come back on
a, for instance, daily basis are more likely
to renew their subscription. Usually, there
is a good correlation if people stop using
the product the majority also stops paying
for it.
suitable for all startups, though. Still there
are ways to set up cohort analysis which
generate maximum insights. Refurbed, for
instance, monitors retention cohorts
closely. They are observing purchase
rates and purchase frequency of each
cohort on a monthly basis and combine
these insights with engagement metrics
(e.g. opening rates of emails).

Across seed and series A cohorts need to

be monitored closely. It can be
distinguished between user, order and
revenue cohorts. Here, it is easier to
monitor the percentage changes versus
month zero. Only for revenue it is
interesting to see absolute numbers.
Another interesting thing to look out for
are power user cohorts.

Already at the pre-seed stage it is

essential to track retention, cohorts, DAU/
WAU/ MAU, and how the users engage
with the app.

"Usually you can see a nice correlation. If usage

drops the willingness to pay goes down and people
are likely to churn."

Markus Lang
Associate Partner, Speedinvest
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METRICS EXPLAINED

Referral Application
Start your data collection, design who you

Metrics
Referral metrics show whether or not
users are willing to refer a product.
Net Promoter Score
wish to survey and at which touchpoints
(Genroe) “How likely are you to
recommend this product to a friend?”
Then cluster your survey results:
Detractors = rating from 1 - 6
Neutrals = rating from 7 - 8
Promoters = rating from 9 - 10

Theory
An indicator for customer loyalty is NPS
which can be assessed by asking
customers how likely they are to %promoters
recommend your product (Datarockets, NPS =
- %detractors
2019). Moreover, your level of customer
happiness acts as a good indicator for
churn (Skok, D., 2019), customer loyalty
and therefore also future revenue of a
company.

2.6X
83%
On average, a promoter is
worth 2.6x more than detractors

4X
83% of satisfied customers are
willing to refer a product

16%
People are 4x more likely to buy
if they get a referral from a friend

Referred customers are in

turn 16% more likely to stay

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Start by analyzing your overall NPS
and your NPS for the individual
customer segments (Skok, D., 2019).
Based on your survey insights, start
implementing changes to work on
your customer loyalty.
A NPS survey is one way to determine
your customer satisfaction.
Alternatively, you can track sentiment
via natural language processing (NLP)
using tools like Google Insights,
Google Alerts or Brandwatch
(Dopson, E., 2020).
Practice
External benchmarks do not offer much
insight due to the fact that they depend
largely on industry, country and other
factors. Thus it is recommended to use
internal KPIs and to strive to continuously
improve them (Genroe).
During the seed stage it is vital for fintech
startups to closely monitor their NPS to
assess the uptake and customer love at
this point of time. A problem in early
stages mentioned by Peter Windischhofer,
the founder of Refurbed, is the small size
of the sample. The implication for NPS is
that if it changes by, for instance, 10% on
a weekly basis and there are less than
100 responses it cannot be said whether
or not this is simply a statistical error or a
significant trend.
A workaround is to lower the scale to
either yes or no questions to increase
significance by lowering the answer
options.
What the Refurbed team did in the
beginning was to call every single
customer to first of all increase response
rates and second of all get more valid
insights. Their current NPS for their
specific industry is at 70, which is
extremely good in comparison to others.
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METRICS EXPLAINED

Revenue Practice
The focus of seed rounds is to

Metrics
achieve actual revenue and top line
growth rates, but also seed stage
investors look at unit economics
In this chapter we give an overview of (Lang, M., 2020).
revenue metrics. Usually, a cut off after two to three
years is taken for lifetime value.
Everything beyond this is hard to
Customer Lifetime Value predict.

Theory BENCHMARK

The customer lifetime value (LTV) shows
the net profit you can expect from one
customer over his/her lifetime
(Datarockets, 2019) (Jordan, J. et al.,
2015). A reason why it is essential to track
LTV is to obtain a clear understanding of
how much value you generate per
customer after subtracting CAC (Jordan,
J. et al., 2015).
Application
Start by analyzing your overall + your LTV
for the individual customer segments
(Skok, D., 2019). In order to calculate the
LTV you need two metrics:
Contribution margin per customer per
month = Revenue per customer per
month - variable costs associated with
a customer
Average lifespan of a customer =
1/monthly churn
Contribution
LTV = margin c/m
* Average lifespan
3x
= LTV > CAC
LTV:CAC Ratio
Theory
The ratio of these two metrics indicates
the level of sustainable growth of your
business (Datarockets, 2019). It
essentially tells you if the profits from
customers exceed your costs of acquiring
them (Skok, D., 2019). If your LTV is
higher than the acquisition costs, your
business is sustainable (Samani-Sprunk,
T., 2020).
Application
Start by analyzing your overall + your
LTV:CAC for the individual customer
segments (Skok, D., 2019).
Look at CAC and LTV individually
(overall and per customer segment) to
see which levers you can take for
optimizing the overall ratio (Skok, D.,
2019).

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METRICS EXPLAINED

In addition to financial metrics CAC, LTV

LTV
LTV:CAC
Ratio = CAC
Practice
CAC should be lower than LTV. However,
in the beginning you probably don’t know
the value of your customers (Yin, 2020).
The Average LTV:CAC ratio is around 3:1
and hypergrowth LTV:CAC 5:1 (Samani-
Sprunk, T., 2020). CAC should be
recovered in about 5 to 7 months (Skok,
D., 2019).
and CAC:LTV are important to know.
When it comes to benchmarks usually the
rule of thumb of 3x LTV > CAC applies.
Working with your own realistic
assumptions on customer churn and LTV
is important to paint a valid picture
(Christopher Zemina, 2020).
LTV, CAC and LTV:CAC ratio need to be
monitored carefully with the gold standard
being 5X LTV > CAC which only very few
startups manage to achieve.

WAYS TO DECREASE WAYS TO INCREASE

YOUR CAC YOUR LTV
Focused target market Cross- and upselling
Customer referrals Increase referrals
Inbound marketing Reduce churn
CRO Add repeat business
Differentiation to competition Determine the main source of
Increased brand awareness customers with high LTV and pinpoint
Use freemium or free trials your ideal target group
Optimize customer acquisition
Capitalize on referrals - if possible
Automate sales processes
Use demo videos - reduces the
amount of salespeople needed to
explain a product (Skok, D.., 2019)

PAGE 40
 METRICS EXPLAINED
Revenue
Theory
Revenue indicates the total value of all
sales in a given period (Datarockets,
2019). A more in-depth analysis can be
achieved by measuring the return on
investment (ROI) which equals revenue
per dollar spent. In the end, it’s about
showing the effectiveness of your actions
and achieving your business objectives
(Dopson, E., 2020).
Application
Measuring revenue growth is an important
fact across all business models,
especially in the stages MVP, Scaling and
in established businesses.
Letters of intent or bookings are not part
of revenue (Jordan, J. et al., 2015)
Goods/
Revenue = Σ Services
Sales
Monthly Recurring Revenue
Theory
This is the monthly sum paid for
subscriptions for your offering. MRR
provides a profound basis for revenue
predictions which is of high interest to
external stakeholders such as investors.
Moreover, it is important to continuously
track the ratio of total revenue vs. MRR as
it indicates the level of stability of the
revenue stream (Datarockets, 2019).
Application
Business models in IoT and subscription-
based businesses need to monitor this
metric across various stages from MVP,
scaling up to established businesses.
Do not factor in non-recurring fees, such
as setup or hardware (Jordan, J. et al.,
2015).
MRR = Σ Recurring
Revenue
Practice
Depending on the business, it can be
distinguished between different types of
recurring revenue, either on an annual or
monthly basis. When reporting ARR/MRR
it is important to differentiate between
bookings and revenue. Revenue signals
the amount of cash in the bank whereas
bookings show the picture of revenue
made in a year. This means the booked
revenue equals €1M in 2020 but the ARR
for 2020 is actually €1M divided by 3.
BENCHMARK
€100k
MRR
*Investors focus primarily on unit economics in
series A.
PP
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METRICS EXPLAINED
MRR Growth
Theory
MRR growth for SaaS business is easy to
track due to its recurring nature (Law,
2016). In order to make an in-depth
analysis and to better understand what
drives MRR it makes sense to break it
down into New MRR, Expansion MRR and
Churn MRR (Datarockets, 2019). A stable
MRR growth rate is indicating exponential
growth, as it needs higher revenues each
month to sustain the same level of the
previous months (Law, 2016).
Application
MRR Growth Rate =
(MRR t - MRR t-1 )
*100
MRR t-1
Additionally, you can analyze your overall
+ your net new MRR for the individual
customer segments (Skok, D., 2019).
Then calculate the individual contributions
to your MRR. Finally, you can derive the
Net New MRR which shows you the
additional MRR generated.
New MRR = Σ revenue from new
subscriptions
Expansion MRR = Σ revenue from
subscriptions from up or cross-selling
Churn MRR = Σ of lost revenue due to
canceled subscriptions
Net New MRR = New MRR +
Expansion MRR - Churn MRR (Law,
2016)
Practice
Fintech startups need to focus on MRR,
MRR growth, gross payment volumes, unit
economics, EBITDA, and net income to
indicate monetization and show the way
towards profitability.
Especially, for B2B SaaS and Consumer
Tech companies in the seed stage it is
essential to prove their potential to
achieve recurring revenue. An important
distinction to make is product and
consulting revenue. Product revenue has
the potential to scale whereas consulting
services are usually one off. So, the
background of the achieved growth is
important.
BENCHMARK
3x YOY growth for
year 1-2
2x YOY growth for
year 3-5
PP
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METRICS EXPLAINED
Annual Contract Value
Theory
Annual Contract Value (ACV) is the annual
revenue per user per contract
(Baremetrics).
Practice
DEEP TECH
An ideal benchmark in the deep tech
industry is an ACV of 100k. ACV will
gradually improve over time with a higher
customer satisfaction. Thus higher ACV
volumes can be expected after the
second or third year after a contract has
been signed with a certain client.
B2B
For B2B seed stage companies at least
one customer should have converted and
proven the in the pre-seed projected ACV
and 2 - 3 customers should be in the
pipeline with a clear approach on how to
reach them and how to expand the
feature set.
Application
Customer A has signed a 3 year
contract worth $36,000, therefore, the
ACV is $12,000
100 customers subscribed to a
monthly plan and pay $100 per
month. Here the ACV is also $12,000
(Baremetrics)
FINTECH
For fintech companies selling to
enterprises ACV is essential in the pre-
seed phase. They need to show the ability
to expand a deal in the distant future by
horizontal expansion or upselling. This
can be assessed through reference calls
with industries to understand their types of
usage in practice.
SEED STAGE
ACVs should be monitored closely in the
seed stage. Meaning, what are the ACVs,
how are the contracts structured and who
are the buyers for startups in the industry
space.
PP
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2
 METRICS EXPLAINED

Application
Average Revenue per User

Theory Yearly Cash

ARPU gives you the average monthly Monthly Spent
revenue per customer/ user (Skok, D., Cash =
2019). There are two different use cases Burn 12
on how to apply this metric. Firstly, when a
later stage is reached, startups often
implement additional monetization
strategies such as upselling. Secondly,
ARPU can be used for experimenting with
different users to find the optimal
customer (Datarockets, 2019). Average Σ Monthly Burn
Rate
Burn =
Application Rate # of months
Simply calculate ARPU as stated
below
Monitor it over time for different
customer groups (Skok, D., 2019).
Runway
Total Revenue
Theory
ARPU =
# of Users When looking at the runway, you can see
the number of months until you run out of
cash (Datarockets, 2019).

Application
Burn Rate

Theory
This metric shows you how much your
Total Cash
held
cash has decreased within a month Runway =
(Datarockets, 2019). Net burn includes Average Burn
incoming cash minus gross burn, which Rate
takes into account all monthly expenses
and other outlays (Jordan, J. et al., 2015).
Growth burn on the other hand also
accounts for marketing expenses for the
acquisition of new users (Law, 2016).
PP
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2
 SPUTRATS & SREGANAM
TNEMTSEVNI MORF SPIT
Product-
Founder Fit
vs. Product-
Market Fit
Marie-Helene Ametsreiter highlights that
founders are often busy and so excited
about what they do. Thus they are often
falling into the trap of serving individual
clients to their last wish and
individualization requests. And with that,
they completely overlook that they need to
prove that this can become a profitable
business.

In this PoC phase a founder can’t work for

a year on securing and locking in one
client at all costs, even if it's a big brand
name, if at the end there is a payback
period of 10 years for this client.

Be strict and focused, in finding, in that

PoC phase the product that you can, sell
as a mass market product.

"Metrics do not
exist to impress
investors. On the
contrary, they're a
tool to continuously
improve your
business."
- Julia Weinmayr, Author

PAGE 45
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Marie-Helene points out the importance of
focusing on metrics and being aware of
the most important KPIs across the
different stages. Sometimes early stage
ventures hide a little bit behind technology
and they are so product-driven and in
love with what they do and to solve certain
problems - that they completely forget
about if this can ever become a business
case. Moreover, she highlights having a
North Star Metric in place, so the one
critical KPI which is important in a certain
phase and can range from top line
revenue to growth rate or to number of
conversions. “Really be spot on in being
what is it that defines success in a
business is something very often left out,
or given too little attention (Marie-Helene
Ametsreiter).
Jernej Fuzir, CEO of Blub Blub states that
the startup was also revenue driven from
day one. However, they also take into
account soft KPIs like the number of kids
they helped with their app as well as
conversions throughout the app. What is
interesting in the case for Blub Blub is that
user and customer are two different types
of persons. The parent is the customer,
whereas the user is the child.
So, instead of optimizing the features for
the user, the startup also felt the need to
optimize for the customer, which meant in
their case to include projects on the
customer retention side like providing
feedback to the parents on the exercises
(Fuzir, 2020).
Lukas Fechtig Co-Founder and CEO at
zerolens - Pre-seed startups should
not care too much about the logo, name
of the startup, or some unnecessary stuff
on the website. The only thing that
matters is creating something
that people really want. This can be done
by designing experiments that aim
to fulfil a need. Normally these
experiments can't be nailed 100% without
any bias - but can give a general
indication within a reasonable
timeframe. (Fechtig, 2020).

"I think the best founders that we see from a very early
point in time, they make sure they are very much on
top of the numbers.”"

Philipp Specht
Principal, Speedinvest
PAG
PP
AEA
G4G
E6E4 6
2
8
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Kicking-off A tip for startups from the founder of B2C

Data-
Startup Blub Blub, which is offering a
speech learning app, is to not rely on your

Drivenness assumptions but find the tool that you are

comfortable with and do a lot of A/B
Early On testing (Fuzir, 2020).

It is vital to understand the behavior of Moreover, they were able to predict

users which is a driver for product
development and the overall business.
Therefore tracking should start from day
zero. The initial steps of getting everything
up and running are a bit painful but once
that’s done it's pretty automated. (Bakker,
2020).
According to Philip Specht setting up and
monitoring important metrics is something
that should be started early on. Some
startups simply postpone this exercise for
too long. He thinks that the best founders
that they see from a very early point in
time, make sure they are very much on
top of the numbers.
retention early on. Regarding benchmarks
he highlights the importance of asking
other startups and colleagues which are
in a similar field but not targeting the
same market.
Some KPIs or problems might be very
similar. Being open to ask for advice or
exchange insights can go a long way and
can solve a lot of potential issues (Fuzir,
2020).

"Do not jump on all tools which are available on the

market when it comes to measuring the
performance of the company, but rather go through
sales calls with all of them and then choose the one
which offers the best customer support because
otherwise it is easy to be overwhelmed."

Jernej Fuzir
CEO of Blub Blub PAGE 47
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Refurbed, the marketplace for electronic

consumer goods, is data-driven from day
one. Net revenue margin is their North “The first tip is, there is
Star which guides all activities. Their most only data drivenness in
relevant overall and marketing specific marketing. Everything
metrics are NPS, defection rates, else, from early stages to
conversion rates, average order value, late stages is completely
CAC, ROAS (for different campaigns), useless.”
share of wallet (merchant perspective),
retention cohorts, repeat purchase rate,
Peter Windischhofer
CPC (split up by different channels), and
Founder of
further ad platform specific channels:
Refurbed
Google: impression share, click share
Facebook: CPM, CTR

An aspect to keep in mind from the very

beginning are sample sizes, says Peter
Windischhofer, founder of Refurbed. If a
certain sample size is not reached it is just
random data and should not be relied on
to derive fundamental conclusions. A tip
for early stage startups would be to create
metrics with the sample size in mind. For
instance, instead of asking for NPS on a
scale from 1-10, they could simply ask
whether they were satisfied or not. This
means that significance gets higher with
less answers (Windischhofer, 2020).
Like most early-stage startups, zerolens
has the challenge to set up a lightweight
tracking system to gather data while not
creating a big legacy system. The main
idea is to get the maximum amount of
data and insights with a minimum amount
of resources needed.
Doing qualitative interviews and asking
clients what they like and don’t
like enables them to get in-depth
information (Fechtig, 2020).
Currently, zerolens is tracking
their monthly revenue but also product-
specific metrics like how many 3D
models are available or the quality of
their sprint cycles (how long
product development cycles should take
in comparison to how long they
actually take). A piece of general advice
for early-stage companies, in the
beginning, is that it does not matter if they
are 100% right - they need to be at
around 80% (Fechtig, 2020).

PP
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2
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

As for their strategy on nailing Zerolens ultimate goal is to work with a

PMF, zerolens goal is to fill up their few select ideal customers at a time to be
acquisition funnel to enable as many able to fully explore and understand their
customers as possible to use the product true potential.
in order to be able to identify and iterate
on their ideal customer profiles. Due to
only a small sample size making in-depth
tests will most likely not yield highly
indicative results but need to be
supplemented via qualitative data with in-
depth customer interviews.

“In the early days, it makes the most sense to

actually talk to people about their challenges. Try to
create a questionnaire guideline that eliminates
biases and find out the real problem that users are
experiencing. That's all that matters”

Lukas Fechtig
Co-Founder and CEO of zerolens
PAGE 49
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Don't Forget but have not found a solution on how to

acquire customers and make it resonate
About with them. Another mistake is to

Retention
On the enterprise side there sometimes is
the discussion of whether acquiring a
large number of pilots or focusing on a
few and on converting them. It's great to
focus on as many pilots as possible, but it
does not mean anything if they cannot be
converted or if an existing account cannot
be expanded, by adding more licenses to
it, for instance. It's essentially showing
that you only a part of the blueprint can be
done but not the other (Bakker, 2020).
underestimate the importance of
sustainable growth, which is needed from
the get go. Founders tend to rely too
much on paid strategies and the
acquisition of early adopters. “In
consumer fintech the typical mistake is
the lack of hook.” (Anthony Danon, 2020).
Specific lending startups often don’t
manage the types of risks and they tend
to over prioritize growth rather than
getting the right customers. In B2B many
startups cannot show scalability in terms
of their revenues and expected growth
because they don’t have a proven way of

Grow optimizing sales cycles and acquiring

customers. Therefore, showing a way of

Sustainably how ACV can be expanded over time is

In B2C founders underestimate the lack of
hook and focus too much on the product
rather than understanding their
customers. So they are trying to build a
product that sounds very interesting
crucial (Christopher Zemina, 2020).
Blub Blub tracks and optimizes metrics
like repayment period of CAC, LTV and
CAC. Moreover, the startup is focusing on
creating a sustainable business rather
than aiming for rapid growth at the
moment (Fuzir, 2020).

"Startups often forget about retention, so they are

really focused on acquiring users and getting them
on the app, but then they might not really focus on
keeping them.”

Arnaud Bakker
Principal, Speedinvest
PAGE 50
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Track & But of course it can never be predicted

Optimize KPIs
Sometimes companies do not have a
detailed overview of their marketing and
sales data and do not track KPIs at all.
Even though at the early stage there is not
a lot of data it makes sense to start
implementing a metrics-driven mindset
and start tracking KPIs early on which is
exactly what successful later stage
companies have done.
Regarding benchmarks, Refurbed
compares itself with other players in the
market, such as Samsung and Apple, and
the team aims for achieving a NPS which
is higher than the one from the
competition (Windischhofer, 2020).
Maintaining a healthy balance between
paid and organic acquisition channels is
an important issue. While obviously
reducing the dependency on Facebook is
a challenge, paid channels like this are
necessary because they are easily
scalable.
precisely due to many influencing factors
such as seasonality, budget, geography,
etc.(Fuzir, 2020).
Another tip by the founder of Refurbed is
to set up campaigns with the goal of
learning and not selling in the beginning,
e.g. to test different channels, CTA’s,
visuals, etc. Also, he mentioned the cost
of testing due to the fact that in an A/B
test there is always the risk that half of the
customers have lower conversion rates
than the other half. But it is crucial in order
to gain insights and learn.
Another tip is to question everything, test
everything and put the subjective opinion
completely out of it. Especially when it
comes to pictures the personal subjective
opinion matters very little: Let data decide
which picture has the best conversion rate
and which copy has the best CTR for
example, but do not interfere with
personal subjective views on how to do
marketing (Windischhofer, 2020).

“What I realize is that a lot of companies don't have

a very granular overview on marketing and sales
data (...) So most of them are really high level in
terms of what they are tracking and how they are
making decisions based on data.”

Andreas Schwarzenbrunner
Associate Partner, Speedinvest
PAGE 51
TIPS FROM INVESTMENT
MANAGERS & STARTUPS

Know How to Common challenges that have been

observed in deep tech companies are
Tell Your the correct distinction between bookings

Story
Founders need to tell a narrative with their
numbers and the most important thing is
that numbers back the overall story. For
CAC it is important that they are
calculated properly, meaning all costs are
factured in or what people consider as
fully loaded CAC. An example is that if
one co-founder does marketing and does
not pay himself a salary it does not mean
that CAC for this time period is 0 because
in the future a marketing manager needs
to be hired. Investors look at raw data so
inconsistencies would always come up -
in the worst case during the due diligence
process. Moreover, it's not about having
perfect metrics at an early stage because
investors know that this will change over
time but founders should be able to show
a positive trend and a big enough
vision (Lang, M., 2020).
and ARR and the correct distinction
between product and services revenue.
The distinction between product and
service revenue is especially important to
see the level of revenue which is scalable.
Marcel van der Heijden explains this with
an easy example: "I might sell a product
to a company for 50k a year and it might
be a 70k consultancy project. That is not a
120k ARR customer that means it is a 50k
ARR. (...) Revenue scales. Services
revenue does not scale."
Clearly stating which formulas and which
assumptions were made are important
when working with CAC and LTV
(Christopher Zemina, 2020).
Especially CAC is often discussed. It
should be broken down into paid and fully
loaded because it also shows whether
companies can drive traffic organically or
only acquire users via paid channels
(Bakker, A., 2020).

"Many founders/ investors don't take into account

churn rates or work with other simplifications.”

Christopher Zemina
Principal, Speedinvest

P A GPEA G
5 2E 5 2
Conclusion
Metrics are not only a set of numbers but
rather a reflection of the vision of a
business. It is important to remember that
no metric will be perfect but to understand
that it is crucial to monitor metrics on an
ongoing basis because they help drive
what matters most in the business
(Golden, J., 2020).
Start with the question of what is important
to measure for your business and define a
North Star, one metric that matters. In a
second step start setting up your
monitoring as soon as possible. Ideally on
day one!
How should you be able to identify
success if you don’t know where you
started and have no goal on where you
are heading? Identifying the right metrics
and measuring them consistently gives
every business a powerful tool: the ability
to reduce complexity and to improve their
business based on facts, not gut feeling.
To the right, find a summary of the main
insights and tips we got from founders
and investment managers when it comes
to data-drivennes in startups.
PAGE 53
Our Quick
Tips

Leave subjective Focus on

opinions out of Product-Market Fit
marketing, let data rather than
decide Product-Founder Fit

Don’t hide Do not forget about

stuff retention

Start measuring your Calculate CAC properly

performance early on and facture all costs in

Pick metrics according Keep small sample

to your target audience sizes in mind and the
and only choose lack of significant
relevant ones information

When presenting them In the early phase do

tell a story of your not lose focus on your
growth plan. (Where product and
have you been, where remember that it needs
are you now, where do to be scalable and
you plan to go and how served to a broad
will you get there?) audience

Do not overly focus on Focus on acquiring the

growth and pure right (i.e. profitable)
customer acquisition customers

PAGE 54
List of
Resources

Ali, T.
https://www.displayr.com/sample-sizes-for-net-promoter-score-nps/
Ametsreiter, M., 2020
Interview
Bakker, A., 2020
Interview
Baremetrics, 2018
https://baremetrics.com/open-benchmarks
Butterfield, J., 2019
https://medium.com/w23-labs/why-you-should-find-your-north-star-before-
developing-your-product-a994e8903e89
Chen, Andrew
https://andrewchen.co/investor-metrics-
deck/https://threadreaderapp.com/thread/1184170125525577728.html
Danon, A., 2020
Interview
Datarockets, 2019
https://datarockets.com/blog/ultimate-startup-metrics-guide/
Dopson, E., 2020
https://databox.com/most-important-b2b-kpis
Egan, J.
https://jwegan.com/growth-hacking/27-metrics-pinterests-internal-growth-
dashboard/https://jwegan.com/growth-hacking/4-growth-hacker-metrics/
Fechtig, L., 2020
Interview
Fuzir, J., 2020
Interview
Genroe
https://www.genroe.com/net-promoter-score
Golden, J., 2020
https://hbr.org/2020/05/dont-let-a-single-metric-drive-your-business

PAGE 55
List of
Resources

Griffith, E., 2019

https://www.nytimes.com/2019/10/08/technology/silicon-valley-startup-profit.html
Hubspot, 2019
https://blog.hubspot.com/service/net-promoter-score-benchmarks
Jin, L., Coolican, D., 2018
https://a16z.com/2018/12/13/16-metrics-network-effects/
Jordan, J., et al, 2015
https://a16z.com/2015/08/21/16-metrics/
Lang, M., 2020
Interview
Law, 2016
https://medium.com/the-saas-growth-blog/the-ultimate-guide-to-saas-growth-
metrics-2a4de6f1779
Lemkin, J., on Quora, 2020
https://www.quora.com/What-is-the-average-customer-acquisition-cost-for-a-SaaS-
company
Neilpatel
https://neilpatel.com/blog/customer-acquisition-cost/
Reforge
https://www.reforge.com/blog/north-star-metric-growth
SaaSPLG.com, 2020
https://www.saasplg.com/beginners-guide-to-plg
Samani-Sprunk, T., 2020
https://blog.simplestrat.com/supercharging-your-saas-business-model-for-
hypergrowth
Schulze, E., 2019
https://www.cnbc.com/2019/11/08/investors-want-tech-start-ups-to-show-a-path-to-
profitability.html
Schwarzenbrunner, A., 2020
Interview
Shafranik, D., 2019
https://thenextweb.com/podium/2019/12/27/startups-focus-should-shift-from-growth-
to-profitability-in-2020
Skok, D.., 2019
https://www.forentrepreneurs.com/saas-metrics-2/
https://www.forentrepreneurs.com/saas-metrics-2-definitions-2/
https://www.forentrepreneurs.com/startup-killer/
PAGE 56
List of
Resources

Specht, P., 2020

Interview
Specht, P., 2018
https://medium.com/speedinvest/why-we-have-created-a-scorecard-317355d1c046
Van der Heijden, M., 2020
Interview
Vouillon, C., 2017
https://medium.com/point-nine-news/6-saas-metric-frameworks-benchmarks-to-
know-before-fundraising-901b4b1c9125
Windischhofer, P., 2020
Interview
Yin, E., 2020
https://twitter.com/dunkhippo33/status/1252277787617968136
Zemina, C., 2020
Interview

PAGE 57
List of
Abbreviations

AARRR Acquisition, Activation, Retention, Revenue, Referral

ARR Annual Recurring Revenue
ACV Annual Contract Volume
ARPU Average Revenue Per User
ARR Annual Recurring Revenue
CAC Customer Acquisition Costs
CR Conversion Rate
CRR Customer Retention Rate
GMV Gross Merchandise Value
MoE Margin of Error
MoM Month over Month
MRR Monthly Recurring Revenue
MVP Minimum Viable Product
NLP Natural Language Processing
PMF Product-Market Fit
PoC Proof of Concept
ROI Return On Investment
SMB Small and Medium Business
TCV Total Contract Value
QoQ Quarter over Quarter
YoY Year over Year

PAGE 58
Imprint

Special thanks to

Marie-Helene Ametsreiter, Arnaud Bakker, Anthony Danon, Marcel van der Heijden,
Markus Lang, Andreas Schwarzenbrunner, Philip Specht and Christopher Zemina from
Speedinvest for contributing to this guide with their insights. Moreover, a big shoutout to
the Speedinvest portfolio companies who took the time and supported us with insights
and shared their learnings:

Lukas Fechtig, founder of Zerolens

Jernej Fuzir, CEO of Blub Blub
Peter Windischhofer, founder of Refurbed

About the Author

1st edition 2020
Author & Editor: Julia Weinmayr
Co-authors: Dieter Rappold, Janine Tricoire, Mitchell
Bradley, Julien Bercot
Design: Bernhard Grabner, Janine Tricoire
Publisher: Speedinvest Pirates GmbH, Praterstraße 1, Space
35, 1020 Vienna, Austria
www.speedinvest-pirates.com, 2020

Julia Weinmayr
Marketer and Data-Driven Strategist,
Speedinvest Pirates

is working as Business Analyst at Speedinvest Pirates,

the growth unit of one of Europe's biggest early-stage
venture capital funds. With her MSc from WU Vienna
she has an analytical mind and can jump into any
topic quickly, researching thoroughly until the last
insight is unearthed - as you can see in this paper.